Petro-Canada's (PCZ) Shareholders Approve Merger with Suncor (SU)
Petro-Canada (NYSE: PCZ) held its annual general and special meeting of shareholders in Calgary. At the meeting, shareholders passed the following resolutions:
1. the plan of arrangement was approved by more than 96% of the votes cast by shareholders, which will result in the merger of Petro-Canada and Suncor (NYSE: SU) and certain of their subsidiaries, pending a positive shareholder vote by Suncor shareholders this afternoon and receipt of all regulatory approvals including approval of the Canadian Competition Bureau;
2. a new stock option plan was approved by more than 52% of the votes cast by shareholders, which will bring together the plans of Suncor and Petro-Canada and be used to attract and retain highly qualified directors, officers and employees;
3. the election of 11 Board members, including 10 independent directors until the earlier of either the completion of the merger or the next annual general meeting, with shares represented voting in favour of individual directors.
4. the appointment of Deloitte & Touche LLP as Petro-Canada's auditors.
Petro-Canada, an integrated oil and gas company, explores for, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and internationally. [SM]
1. the plan of arrangement was approved by more than 96% of the votes cast by shareholders, which will result in the merger of Petro-Canada and Suncor (NYSE: SU) and certain of their subsidiaries, pending a positive shareholder vote by Suncor shareholders this afternoon and receipt of all regulatory approvals including approval of the Canadian Competition Bureau;
2. a new stock option plan was approved by more than 52% of the votes cast by shareholders, which will bring together the plans of Suncor and Petro-Canada and be used to attract and retain highly qualified directors, officers and employees;
3. the election of 11 Board members, including 10 independent directors until the earlier of either the completion of the merger or the next annual general meeting, with shares represented voting in favour of individual directors.
4. the appointment of Deloitte & Touche LLP as Petro-Canada's auditors.
Petro-Canada, an integrated oil and gas company, explores for, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and internationally. [SM]
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